Brazilian mining company MMX, run by billionaire Eike Batista, signed a 15-year shipping contract with MRS Logistica on Wednesday. MRS will transport iron ore from MMX's mine in Minas Gerais, Brazil to the Sudeste port in Rio de Janeiro.
Under the terms of the contract, MRS will transport 36 million metric tons of iron ore annually from the MMX mine for R26.5 (US$14.12) per metric ton shipped.